Erickson Air-Crane Inc. (NASDAQ:EAC) said it priced its initial public offering of 4.8 million shares at $8.00 apiece.
The common stock began trading on the NASDAQ Global Market Wednesday under the ticker symbol "EAC."
Erickson Air-Crane is an aircraft manufacturing and operating company based in Portland, Oregon, United States. It is known for producing the S-64 Aircrane helicopter, which is used in wildland fire suppression and other heavy-lift operations.
In addition, Erickson has granted the underwriters a 30-day option to purchase up to an additional 720,000 shares to cover over-allotments, if any.
[Related -Erickson Air-Crane Inc. (NASDAQ:EAC) Initiated As 'Perform' By Oppenheimer]
Erickson expects to receive net proceeds, after deducting underwriting discounts and commissions and estimated offering expenses payable by Erickson, of about $32 million. Erickson plans to use the net proceeds to pay down indebtedness under its revolving credit facility.
Stifel, Nicolaus & Co. Inc., Oppenheimer & Co. Inc. and Lazard Capital Markets LLC are acting as joint book-running managers, with D.A. Davidson & Co. and Wedbush Securities Inc. acting as co-managers for the offering.
Earlier, the company had slashed its proposed initial public offering price range to $8.00 to $9.00 per share from previous range of $13.00 to $15.00 per share and reduced planned offering to 4.8 million shares from 5.35 million shares.
[Related -The Nuclear Renaissance Lives]
Erickson owns and operates a fleet of 17 Aircranes, which are used to support a wide variety of government and commercial customers worldwide across a broad range of aerial services, including firefighting, timber harvesting, infrastructure construction, and crewing.
Erickson also manufactures Aircranes and related components for sale to government and commercial customers and provides aftermarket support and maintenance, repair, and overhaul services for the Aircrane and other aircraft.
EAC is trading up 1.13% at $8.09 on Wednesday.